Japan boasts the third-largest economy in the world and is a culture synonymous with high-tech and innovation, yet some Japanese consumers have been curiously hesitant to adopt digital payments themselves, with about 75% of payments in Japan still settled in cash, says PaymentsSource.
However, "there are signs that the country is on the verge of a digital payments tipping point," the website notes.
The Asian nation's telecom providers are leading the way, with steady growth in mobile payments, particularly smartphone-enabled QR-code payments. And more cashless initiatives are now making significant headway, despite the culturally ingrained preference for cash in Japan.
Policymakers now are getting on board as well for a cashless transaction push, as they now see digital payments as a means of tackling Japan’s deflation economy mindset and easing the current labor shortage (both long-term government goals).
This article was written by and originally published on PaymentsSource
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